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CDFA Revolving Loan Fund Finance Update - October 13, 2020

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Revolving Loan Funds Update
October 13, 2020
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Revolving Loan Fund Finance Update

Features

The First CDFA Charter Schools Financing Initiative Paper Is Here! Development Finance Strategies for Charter Schools
CDFA has released the first publication of the CDFA Charter Schools Financing Initiative series, funded with support from the National Alliance For Public Charter Schools. This paper demonstrates how charter schools can access development finance tools and provides real-world examples of how these tools resources have been successfully implemented across the nation.

New CDFA White Paper Released! Reframe, Build, and Plan to Restore America's Local Food Systems
CDFA just released the sixth and final publication of the CDFA Food Finance White Paper Series, Advancing Local Food Systems Through Development Finance! Research on food systems finance and leadership with pilot projects has positioned CDFA to identify three key strategies for a comprehensive approach for restoring America's local food systems. Every organization, community, economic development agency, and small business working in the food sector should adopt the Reframe, Build, Plan approach to expand financing and drive capital into the local food system.

CDFI Fund Awards $204.1M to Support Economic Growth in Low-Income, Distressed, and Native Communities
The Community Development Financial Institutions Fund has doled out $204.1 million in awards to 397 CDFIs. The awards, through the fiscal year 2020 round of the CDFI Program and the Native American CDFI Assistance Program, will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.

A Mission-Minded Loan Source That Doesn't Care if You're a Startup With No Experience, Revenues, or Credit
CDFIs, like the Colorado Enterprise Fund, provide underserved communities with capital when banks say no. The niche is attracting investors seeking impact, including Google and Netflix. They exist as part of a government effort to encourage banks and lenders to invest in their local communities and provide credit to those in lower-income neighborhoods.

Strict Rules Keep Business Out of New Mexico Loan Program
Only about $20 million of a $400 million loan program for New Mexico small businesses hit by the pandemic has been approved to send out since the program began in August, according to the state agency running the program. Fewer than 900 businesses have applied for loans under the program, which range from $500 to $75,000.

CDFI Fund Awards $825K to Community Developer Cinnaire
The CDFI Fund awarded Cinnaire $825,750 in grants through the 2020 round of the federal program. Cinnaire is committed to delivering a range of flexible, competitive loan products to meet the needs of communities of color and to ensure equitable access to resources to support healthy, vibrant communities.

Huntington Bank Takes Top Spot Nationally For SBA 7(a) Loan Origination By Volume For Third Consecutive Year
Huntington is the nation's largest originator, by volume, of Small Business Administration (SBA) 7(a) loans for the third consecutive year at the close of SBA fiscal year 2020, further strengthening its position as the leader in supporting small businesses. This also marks the 12th year in a row Huntington has been the largest originator, by volume, of SBA 7(a) loans within its footprint.

504 Loan Program Assists Nation's Small Businesses with Record $1.28B Funding in September
The Small Business Administration's 504 Loan Program completed its largest monthly funding of loans in the program's 34-year history, including 1,462 loans for $1,284,274,000 – more than double the previous record set in September 2012. Historic levels of 504 loan closings and fundings were driven by record-low interest rates and debt relief provided by the CARES Act.

Upcoming Events
CDFA Virtual National Summit: Financing Our COVID Recovery

CDFA-PFM Capital Markets Webinar Series: Pricing Private Activity Bonds in Complex Capital Stacks
October 22, 2020 - 2:00 - 3:30 PM Eastern
During this installment of the CDFA-PFM Capital Markets Webinar Series, project finance experts and issuers will discuss the viability of how private activity bond deals can fit into complex capital stacks.

CDFA // BNY Mellon Development Finance Webcast Series: Manufacturing Bonds for Disaster Response
Tuesday, October 20, 2020 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we will look at how IDBs act as a resilient economic driver by financing the manufacturing facilities that stabilize local economies during crises.

Headlines

JPMorgan Unveils $30B Push to Bridge Racial Wealth Gap
The Wall Street Journal | Oct. 8 | Housing Finance | Innovation Finance | Revolving Loan Funds (RLFs) | Social Finance

Deadline Fast Approaching for NC COVID-19 Rapid Recovery Loan Program
Montgomery Herald | Oct. 8 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | Rural Development | State Finance Program | Revolving Loan Funds (RLFs) | COVID-19

Sabine, LA Water District Gets Money to Take Over Neighboring System
KTBS | Oct. 8 | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | State Revolving Fund

Carlsbad, CA Approves Small Business COVID-19 Loans
The Coast News Group | Oct. 8 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

University City, MO Announces New $850K Small Businesses Assistance Program
KSDK | Oct. 8 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

KeyBank Rises to 7th Among Nation's Top Banks For SBA 7(a) Lending
PR Newswire | Oct. 8 | Access to Capital | Member News | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | SBA 7(a) Loan Program

$59M Mixed-Use Development on Milwaukee, WI North Side Seeks $750K City Loan
Milwaukee Journal Sentinel | Oct. 8 | Community Development | Historic Preservation | Redevelopment | Revolving Loan Funds (RLFs) | Tax Credits | U.S. Environmental Protection Agency (EPA) | Federal Historic Rehab Tax Credits

El Centro, CA Awarded $550K by CARES Act for Business Loans
The Desert Review | Oct. 7 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | Revolving Loan Funds (RLFs) | COVID-19

SCOCOG Offers Revolving Loans to Small Businesses Looking to Grow
West Plains Daily Quill | Oct. 7 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | COVID-19

New Mexico State Senator Eyes Permanent Small-Business Fund
Santa Fe New Mexican | Oct. 6 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | State Finance Program | COVID-19

$850K in COVID-19 Recovery Loans Available for Charleston, SC Small Businesses
News Radio 94.3 WSC | Oct. 5 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Revolving Loan Funds (RLFs) | COVID-19

U.S. to Start Forgiving PPP Loans After Borrowers Complained
The Wall Street Journal | Sep. 29 | Access to Capital | Disaster Recovery & Relief | Federal | Revolving Loan Funds (RLFs) | U.S. Small Business Administration (SBA) | COVID-19

Racial Equity Firm Funding Grocery Store, Restaurant in Michigan
Grand Rapids Business Journal | Sep. 28 | Access to Capital | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | COVID-19

Restaurant Owners Seek Help From Congress
Law 360 | Sep. 25 | Disaster Recovery & Relief | Food Systems Finance | Legislative | Revolving Loan Funds (RLFs) | Tax Credits | COVID-19

California Enacts Three Small Business Bills
JD Supra | Sep. 21 | Disaster Recovery & Relief | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program | Tax Credits | COVID-19

Kentucky Agriculture Finance Corporation Approves $892K in Loans
The Lane Report | Sep. 11 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

Can Loans Tied to Soil Health Save Agriculture? A New $250M Fund Wants to Find Out
Forbes | Sep. 11 | Access to Capital | Agriculture Finance | Food Systems Finance | Green Finance | Revolving Loan Funds (RLFs) | Resiliency

RSF Shares Hard Truths Learned from Investing in Regional Food Systems
Green Biz | Sep. 10 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

Athens-Clarke County Offers Loans and Grants to Small Businesses
Flagpole Magazine | Sep. 9 | Access to Capital | Disaster Recovery & Relief | Local Finance Program | Revolving Loan Funds (RLFs) | Microenterprise & Microloans | Revolving Loan Funds (RLFs) | COVID-19

Lower Interest Rates Available to Finance Farmers in Minnesota
Red Lake Nation News | Sep. 9 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs) | State Finance Program


New Additions to the Online Resource Database

Local and Urban Food Systems: Selected Farm Bill and Other Federal Programs
Access to Capital | Agriculture Finance | Community Development | Federal | Food Systems Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits
More than 30 USDA grant and loan programs provide support and assistance for local and urban food producers and producer groups. These grant and loan programs may be grouped into several broad program categories, including marketing and promotion; business assistance and agricultural research; rural and community development; urban and indoor production; nutrition and education; and farmland conservation.


The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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